US home sales hit highest level in 3 years

U.S. sales of previously occupied homes jumped to their highest level in three years last month, bolstered by steady job gains and record-low mortgage rates.

By Christopher S. Rugaber, ASSOCIATED PRESS

WASHINGTON ó U.S. sales of previously occupied homes jumped to their highest level in three years last month, bolstered by steady job gains and record-low mortgage rates.

The National Association of Realtors says sales rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November. Thatís up from 4.76 million in October.

Previously occupied home sales are on track for their best year in five years. Novemberís sales were the highest since November 2009, when a federal tax credit that was scheduled to expire spurred sales. Excluding that month, last monthís sales were the highest since July 2007.

Sales are up 14.5 percent from a year ago, though they remain below the roughly 5.5 million that are consistent with a healthy market.